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REGISTERED NUMBER: 12012860 (England and Wales)
















Financial Statements for the Year Ended 31 December 2022

for

AR Development Investments Limited

AR Development Investments Limited (Registered number: 12012860)






Contents of the Financial Statements
for the Year Ended 31 December 2022




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


AR Development Investments Limited

Company Information
for the Year Ended 31 December 2022







DIRECTORS: G Coster
D Gaffney
R Boyd





REGISTERED OFFICE: C/O Brodies LLP
90 Bartholomew Close
London
EC1A 7BN





REGISTERED NUMBER: 12012860 (England and Wales)





AUDITORS: McLay McAlister & McGibbon LLP
Chartered Accountants and Statutory Auditors
145 St Vincent Street
Glasgow
G2 5JF

AR Development Investments Limited (Registered number: 12012860)

Balance Sheet
31 December 2022

31.12.22 31.12.21
Notes £    £   
FIXED ASSETS
Investments 4 500 500

CURRENT ASSETS
Debtors 5 293,710 282,585
Cash at bank 16,317 15,192
310,027 297,777
CREDITORS
Amounts falling due within one year 6 (1,041,257 ) (47,689 )
NET CURRENT (LIABILITIES)/ASSETS (731,230 ) 250,088
TOTAL ASSETS LESS CURRENT
LIABILITIES

(730,730

)

250,588

CREDITORS
Amounts falling due after more than one
year

7

-

(798,186

)
NET LIABILITIES (730,730 ) (547,598 )

CAPITAL AND RESERVES
Called up share capital 200 200
Retained earnings (730,930 ) (547,798 )
SHAREHOLDERS' FUNDS (730,730 ) (547,598 )

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 15 March 2024 and were signed on its behalf by:





R Boyd - Director


AR Development Investments Limited (Registered number: 12012860)

Notes to the Financial Statements
for the Year Ended 31 December 2022

1. STATUTORY INFORMATION

AR Development Investments Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going concern
The directors prepare projections for the life of the development and therefore consider a period of at least 12 months from the date of approval of these financial statements. Projections are updated regularly to take into consideration any changes. The main contractor for the development is a related party who ensures that contractors comply with the current government guidance.

The current loan facility agreement expired in June 2023, however, the lenders have provided a letter of comfort stating that they will continue to support the entity to meet their liabilities as they fall due for 12 months from the date that the financial statements are signed by the auditor.

Based on the above, the directors consider it appropriate to prepare the financial statements on a going concern basis.

Preparation of consolidated financial statements
The financial statements contain information about AR Development Investments Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertaking are included by full consolidation in the consolidated financial statements of its parent, RS Fund IV LP, 11-15 Seaton Place, St Helier, Jersey, JE4 0QH.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Financial instruments
Debtors
Trade and other debtors are recognised at the settlement amount due with appropriate allowances for irrecoverable amounts when there is objective evidence the asset is impaired.

Cash and cash equivalents
Cash and cash equivalents in the balance sheet comprise cash in hand and bank overdrafts.

Creditors
Trade and other creditors are recognised where the company has a present obligation resulting from a past event and are recognised at the settlement amount due after allowing for any trade discounts due.


AR Development Investments Limited (Registered number: 12012860)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2022

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2021 - NIL).

4. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 January 2022
and 31 December 2022 500
NET BOOK VALUE
At 31 December 2022 500
At 31 December 2021 500

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.22 31.12.21
£    £   
Trade debtors 3,600 1,800
Amounts owed by group undertakings 277,834 268,837
Other debtors 12,276 11,948
293,710 282,585

AR Development Investments Limited (Registered number: 12012860)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2022

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.22 31.12.21
£    £   
Trade creditors 9,597 9,598
Amounts owed to group undertakings 967 987
Taxation and social security 3,604 3,604
Other creditors 1,027,089 33,500
1,041,257 47,689

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.12.22 31.12.21
£    £   
Other creditors - 798,186

8. LOANS

An analysis of the maturity of loans is given below:

31.12.22 31.12.21
£    £   
Amounts falling due within one year or on demand:
Other loans 988,294 -

Amounts falling due between two and five years:
Other loans - 2-5 years - 798,186

Interest is charged on the loan balance on a day to day basis at a fixed rate of 15%.

9. SECURED DEBTS

The following secured debts are included within creditors:

31.12.22 31.12.21
£    £   
Other loans 988,294 798,186

Security is held over the assets of the company by RS Luxembourg II S.A.R.L

10. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Paul Martin (Senior Statutory Auditor)
for and on behalf of McLay McAlister & McGibbon LLP

11. FRC ETHICAL STANDARD - PROVISIONS AVAILABLE FOR SMALL ENTITIES

In common with many other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements.

AR Development Investments Limited (Registered number: 12012860)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2022

12. ULTIMATE CONTROLLING PARTY

The immediate parent company is RS Investor II SARL, which is incorporated in Luxembourg.

The ultimate parent undertaking is RS Fund II LP, a fund incorporated in Jersey. There is no ultimate controlling party as no individual holds more than 10% of the fund.

A copy of the consolidated financial statements can be obtained from the registered office:

11-15 Seaton Place
St Helier
Jersey
JE4 0QH